Brokerages Set Cartesian Therapeutics, Inc. (NASDAQ:RNAC) PT at $42.33

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report) have received an average rating of "Moderate Buy" from the eight brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $42.33.

A number of brokerages recently weighed in on RNAC. TD Cowen initiated coverage on shares of Cartesian Therapeutics in a report on Tuesday, August 6th. They issued a "buy" rating for the company. HC Wainwright lowered their target price on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a "buy" rating on the stock in a report on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a report on Monday.

Cartesian Therapeutics Price Performance

NASDAQ RNAC traded up $0.74 during trading hours on Tuesday, reaching $18.65. The company's stock had a trading volume of 68,756 shares, compared to its average volume of 95,640. The company's 50-day moving average is $19.58 and its two-hundred day moving average is $19.95. The firm has a market capitalization of $474.08 million, a price-to-earnings ratio of -0.35 and a beta of 0.63. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60.

Insider Activity

In related news, insider Milos Miljkovic sold 35,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total transaction of $564,550.00. Following the sale, the insider now directly owns 18,273 shares in the company, valued at $294,743.49. This represents a 65.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Metin Kurtoglu sold 25,900 shares of the firm's stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares of the company's stock, valued at approximately $838,982.52. This represents a 33.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,089 shares of company stock worth $2,169,555 in the last three months. 57.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Several institutional investors have recently modified their holdings of RNAC. BNP Paribas Financial Markets bought a new position in shares of Cartesian Therapeutics during the first quarter worth $38,000. SG Americas Securities LLC acquired a new stake in shares of Cartesian Therapeutics in the first quarter valued at approximately $31,000. Vanguard Group Inc. acquired a new stake in shares of Cartesian Therapeutics in the first quarter valued at approximately $4,105,000. American International Group Inc. acquired a new position in shares of Cartesian Therapeutics during the 1st quarter worth about $37,000. Finally, Artal Group S.A. bought a new position in shares of Cartesian Therapeutics in the 1st quarter valued at about $5,939,000. Institutional investors and hedge funds own 86.95% of the company's stock.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, Inc, a clinical-stage biotechnology company, engages in the provision of mRNA cell therapies for the treatment of autoimmune diseases. It develops Descartes-08, an autologous anti-BCMA RNA-engineered chimeric antigen receptor T-cell therapy, currently under Phase 2b clinical development for generalized myasthenia gravis, as well as for patients with systemic lupus erythematosus, and myeloma autoimmune basket trials for other autoimmune diseases.